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Beijing Enterprises raise stake in China Gas to 9%

May. 8, 2012 (China Knowledge) - Beijing Enterprises Group Co, the parent co of Beijing Enterprises Holdings Ltd<0392>, has increased its shareholdings in China Gas Holdings Ltd<0384> from previous 3.3% to nearly 9%.

The buyer completed the stake raise via two transitions on May 3. It acquired 237.6 million shares from Oman Oil Co. S.A.O.C. for HK$4.10 apiece or a combined HK$974 million, and also bought 11.38 million shares at an average price of HK$3.87 apiece, according to the Securities and Futures Commission of Hong Kong.

The stake raise came after a bid for China Gas jointly conducted by two Chinese energy companies.

Sinopec<600028><386>, Asia's largest oil refiner, and ENN Energy Holdings Ltd<2688>, made their US$2.15 billion offer for China Gas last December, and the acquisition has been extended from May 15 to Jul. 6.

China Gas, mainly engaged in investment and operation of urban gas supply, has a customer base of more than 6 million in China, sources reported.

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